Management succession involves a lengthy series of interconnected stages that begin very early in the life of the owner's children and extend to the point of final ownership transition.

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Management succession is a comprehensive process that involves planning, development, and implementation of strategies and programs necessary to assure a smooth transition of ownership and leadership from one generation to another. It starts with the identification and preparation of potential successors, followed by grooming and mentoring, and finally, transfer of ownership and management responsibilities. The process is usually long term and requires a flexible and adaptive approach to meet the changing demands of the company and the family.

Management Succession Involves a Lengthy Series of Interconnected Stages That